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As of Jan. 1, there will be a new name on the door of Time Warner Cable's CEO office. The company announced Thursday that the man currently occupying that position, and that of chairman, Glenn Britt, will step down from both posts at the end of this year. Following that, he will remain on the board as a non-executive director.

His replacement as chairman and CEO is Robert Marcus, who currently serves as the firm's president and COO. In advance of his promotion, he has been named to the board.

Marcus has been with the company since 2005, and was named its CFO in 2008. Two years later, he was appointed president and COO. The board praised his "vision, financial prowess, operating acumen and unrelenting drive."

Britt has been Time Warner Cable's CEO since 2001. "I love this business, but I'm ready to retire knowing Rob is ready to lead," Britt was quoted as saying in the company press release.